Today Nifty futures will see some short covering rally, however a stiff resistance do exists at 5353 level which is still acting as potential downtrend, as FII are continuing being sellers in this market. The markets are likely to witness more selling pressure as long as nifty is trading below 5353 level. I will be looking for selling opportunities as as long as nifty futures is trading below 5353 level on intraday basis. Keeping bearish outlook for today, so short nifty below 5353 for intraday target of 5312 and 5283 level placing stop loss at 5367. However bears may bring nifty towards 5353 level due to profit booking near 5353 levels, so stay cautious at these levels with overall bias still bearish in near term. Only a 2 days closing above 5353 will change our outlook from bearish to consolidation.
Nifty Futures Level:
Resistance: 5353 / 5382
Support: 5310 / 5279
Nifty futures trading tips (14 February 2011): Sell Nifty Future below 5353 level for intraday target of 5312 and 5282 levels, also place Stop loss above 5367 level.
Buy Nifty Future above 5370 level for intraday target of 5400 and 5421 levels, also place Stop loss at 5348 level.